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of the plan will take money from the depositors. cyprus has an economy the size of vermont but the assets eight times more than the country's gdp. therein the financial woes come as no surprise to analysts. listen to what alan greenspan said friday. >> europe has been hanging over the american markets for quite a while. the removal of that risk, i think temporarily, i think it is only temporary, has enabled the underlying forces of the market to begin to come into vision. >> and today, the clearer vision that greenspan referred to was clouded the cyprus, we have the report by cyprus matters. >> reporter: cyprus is a smaller island with a smaller economy. but now they're watching what happens in the tiny mediterranean nation. >> it's a tiny nation. the reason we care about it is of course cyprus like it was in greece. it's what it means for the bigger nations if they follow and go down the same bath. >> banking is a huge part of cyprus' economy. and it's a mess. if it fails the country will probably fail, too and the european union will not let the country fail. here's the thing, the bigge
the same bath. >> banking is a huge part of cyprus' economy. and it's a mess. if it fails the country will probably fail, too and the european union will not let the country fail. here's the thing, the biggest payers are the russians. >> they don't want to bail out the depositors because they are mainly russians. that's what the issue is. >> so finance makers said depositors are going be compensated. but with the stock market down some 60 percent those chairs are essentially wortless. >> the blanks are closed and won't open until votes on the bailout measure. people are waiting in lines at atms to withdraw money from their accounts and countries are worried around the world that citizens would take money out of their banks that's why even the most seasoned wall street veterans watching what happens in the tiny island in the mediterranean. for "nightly business report" i'm sue herrera. >> so what does it mean to american investors? we turn to the ceo of pimco the world's largest bond fund. i asked if the situation in cypress is unique or is it a serious issue for the u.s.? >> it is mai
and the growth of the economy, we're still some distance from the high. it is not all that surprising the stock market would rise given that has been increased optimism about the economy and the share of income going to profits has been very high. relationship between stock prices and earnings is not particularly unusual at this point. >> the associated press. mr. chairman, statement mentions fiscal policy has become more restrictive. how much of a drag do you see from the social security tax increase and the across-the-board spending cuts that went into effect on march 1 and is it possible the fed might see a need to provide more support to the economy because of that drag on the fiscal? >> our analysis is fairly comparable to analysis congressional budget office presented to the congress and thestimate put together the fisl measures including the fiscal cliff deal, they sequester and other cuts that federal fiscal restraint in 2013 is cutting something like 1.5 percentage points off of growth to which is very significant. so that is an issue for us. we take as given with the fiscal authoritie
-run, healthy economy. that does have some effect on monetary policy. one of the most powerful tools we have is bringing down mortgage rates and stimulating home buying, construction, and related industries. so that is an issue we take into account. i would say one thing, which is that as the housing industry has strengthened and home prices have gone up, that has actually brought some people into the credit box, in the sense that the number of people, for example, who are underwater on their mortgages, is declining, as house prices go up. so as people have bigger down payments, bigger equity in their homes, they become more creditworthy. so to some extent, not -- i don't want to overstate it, but to some extent, monetary policy, by strengthening the housing market, helping support house prices, is bringing more people into the mortgage market. >> fox business. the stock market has been hitting all-time highs. it's recovered all of its losses from the financial crisis. i just want to know from you if i still have time to get in. but, seriously, how do you feel about that? is it good? is it b
laugh. we'll get his prediction where natural gas prices are headed next. >>> not even a down economy can crush rock and roll. legendar kiss rockers gene simmons and paul stanley kick off a big expan shun of their restaurants. they're here in first on fox interview to tell us why now is the time to bet on the consumer. even when they say it's not it is always about money melissa: first let's turn to today's market moment. fears over cyprus's bailout led to a choppy day of trading on wall street. the dow managed to eke out a slight gain wi the nasdaq and s&p 500 posting minor laws. the s&p fell for thehird straight seson. that is the worst losing streak of the year. microsoft could be in some hot water with the justice department. microsoft and some of its business partners are being investigated over a foreign bribery claims. government officials in china, italy and romania were allegedly bribed to earn software contracts but shares of microsoft still managed to close the day up slightly. >>> all right we start tonight in cyprus. th parliament rejected the tax on bank deposits, potent
to jump-start the economy, not just the stock market. let's go to nicole petallides at new york stock exchange. david: let's start, nicole. we start with fedex it was an extraordinary run-up. it was in the $100 range. it pulls back quite a bit. this is the biggest pullback since 2011? >> certainly is, the biggest pull back since 2011. concerns globally and also going to cut down what they're shipping over it asia. lauren: how is oracle looking ahead of their earnings release, nicole? >> we're watching oracle closely in the tax realm. we'll see whether or not they have earnings. [closing bell rings] david: best buy up another 5%. that stock can not be denied. as you her the bells are ringing on wall street. looks like the indexes are going to keep essentially where they were before and after ben bernanke began to talk. looked like they were sliding a bit. they stopped that slide. trading this the 50 to 60-point range on the dow. the s&p is doing better percentagewise. nasdaq is doing well. russell 2000, small and mid-sized caps doing well. there are interesting company stories and sect
money into the economy? they let us know the exit plan for all of this. melissa: taxpayer outrage, bankrupt city in california paying out a million dollars in pay raises. they are bankrupt. lori: and paying races? crazy town. fedex says more customers are taking a less expensive option and it is hitting the bottom line. melissa: the cyber threat hit by online hackers putting financial firms here on high alert. but first, time for stocks now. nicole petallides is standing by. stocks posted solid gains ahead of the fed decision. nicole: that is right. everybody focused on the fed about an hour away from now. very accommodated if fed, and we're watching a market hitting new all-time highs in the dow jones industrial. of almost 56 points at the moment showing you some names that hit some highs today including nativ united technolo. hitting the highest levels we've ever seen for those names and we cannot leave out verizon. the highest levels we'v we haven in over 11 years. so while the shareholders have been enjoying great dividends, they can now also note multi-year highs as well. as
, tyler, all about the federal reserve and the economy. >> and cyprus in there for good measure. it was a very busy news day. we're here to tell you all about it. the federal reserve did it again. says it's going to keep ierest rates where they are, near 0%. and it also says it's going to keep up its bond-buying program. the markets like what they heard from the fed along with a pledge from the new head of japan central bank about its own bold, easing measures to be unvailed on thursday. as a result, stocks moved higher here about. the dow touching an all-time intraday high. the blue chips did close 56 higher. nasdaq up by 25 and the s&p 500 se f the rst time in four sessions adding 10 points and taking us to within a few of an all-time high. steve leaseman tells us where we go from here. >> the federal reserve voting 11 to 1 to keep its policy in place and purchasing $85 billion a month in treasury and mortgage-backed securities in an effort to drive down long-term interest rates. but the federal reserve chairman in the press conference after the statement came out, suggested t
: the pope, the economy, the smart phone and a tour of rome when we continue. captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: we begin this evening with continued analysis of the historic events in rome. all eyes on the vatican. on wednesday evening, jorge berguliglo many saw him as a surprise choice. he's the first jesuit. pope francis is known for humanity and long time service to the poor. he inherits a troubled church much reconciled tradition with a modernizing world. joining me now in rome and new york, monsignor lorenzo al katie and frank bruni and on the phone from rome daniel wakin to talk about what has happened since the selection of the new pope -- why this pope. >> two main reasons. one is significant cardinals really did want to go in a different direction. i think they wanted someone that into of could interject a hint of humanity and solidarity with the poor. a tough administrator. and the other part which is hard to figure out is due to the internal policies of the conclave and the jockeying of different groups
jack lew weighs in on the markets and the american economy. his interview just ahead. >>> and the tsa under fire. the growing backlash over knives on planes. what every traveler needs to know. good evening, everyone, and welcome to our public television viewers. suzy, the market beat goes on and on. >> it's like the energizer bunny. it just keeps going and going. the dow marches on higher for the tenth day in a row, the first time since 1997 -- 1996. it ended at 14,539. the nasdaq added 14 and the broader s&p 500 gained almost 9 points, and it's now just 2 points away from its own record high close. >>> there is some concern that the rise in the markets may have been too high too fast. and this could be the start of a market bubble. butewly installed treasury secretary jack lew tells steve liesman not so. >> the analysis i've seen doesn't give me reason to be worried right now. >> we'll have more of steve's interview with the treasury secretary in just a few minutes. >>> as the dow hits unprecedenteded heights and the s&p 500 nears its own peak tantalizingly close to it, there's a bat
in a way@ that does not expose the economy to rest in does not require a taxpayer bailout. i think that the tools are in place to do that. again, it is a matter of using those tools. there are couple of things that the regulators need to do. they need to have these banks to restructure themselves to make them simpler so that they are easier to break up. as a work in progress. they also need to force them to issue more long-term unsecured debt that would be available for lots -- loss absorption of four of them fails. the starter capitol requirements but we also need minimums for long-term debt as well. and that would make them more resolvable and also, level the playing field between the cost and the smaller institutions. melissa: people walk around now and say to big to fail is alive and well. nothing has really changed. to you agree? >> i think we are making progress. the rating agencies have downgraded some what the mega banks. they still get cheap funding when the go to the market. much cheaper than the smaller banks. we have made progress. my former agency has come forth with s
company with extraordinarily small economy. the fact it would precipitate a run with the greek banks or italian banks and bring down the entire system in europe, fumbling along, kicking the can down the road is really pretty fried and we know from experience these events, whether in the balkins with the shooting of an arch duke or whether in cyprus with the shooting of a banking system can lead to fairly significant consequences for the entire european continent and us. >> so far, the worst-case scenario hasn't happened yet. so far. that's good. let me ask you, steve forbes. do you believe that the united states can make itself immune? are we strong enough economically, and financially, to withstand the kind of worst-case scenario that senator gregg discussed? >> the answer is no. we should have learned that from 2008 when these dominos start to topple. it hits everybody. and this is what is so inexplicable. why did the germans draw the line on this, for sheer domestic political reasons. they don't want to be bailing out russian oil gargs. they have an election this year. they have k
tryg to time thearke gyrations. >> overall you think the stronger than expected economy is what is going to power the market to higher levels, to that 1700 that you see in the s&p 500. but which specific sectors of the market do you think will lead the way? >> well, i like most of the cyclicals better than the defensive stocks, tyler. i think as the market keeps going higher, more and more people are underallocated to economic sensitivity. so i really like the manufacturing stocks, the industrials, and the basic materials. i think the financial stocks ve done well and wil coinue to dwe. an i would look at trying to put a little bit into technology stocks that have been really bad for the last year. i think i'm seeing confidence in ceos rise and capital spending going up, and i think that sector could come to life yet in the second half of this year. >> jim, as you know, federal reserve policymakers are meeting on tuesday. do you -- nobody is really expecting any significant change in policy. but do you expect any change in tone and conversation? and how might that impact investo
part of the economy that's being left at a tivitate now, and where's the exit strategy? >> and i think revenue could be an issue. oracle is out with its third quarter. revenue came at 8.6 billion versus 9.3 billion, an estimate. jon fortt has all the numbers right now. >> let's drill down to some numbers, maria. exactly where oracle missed, because this is a miss. on new license and cloud revenue, the street was looking for 2.57 billion. they came in at $2.3. on hardware product revenue, the street wanted somewhere around $800 million in research. they came in at $671 million. that's well below their guided range on that. and on non-gap operating margin, they came in at 47%, which is right about where the street was looking. they don't give guidance until the call, but this is really important, because they're guiding into their biggest quarter, their fiscal q4. also, larry ellison has said the hardware business was going to have a transition quarter in q3. we should expect to start seeing it growing in q4, given this hardware number, it's going to be especially important for them to b
to give the state all of our resources which would be at least 3 billion euros to help the economy. maybe a little bit of help from heaven. back over to you. >> the archbishop, this is something people should go look up this piece of the story. this is a fascinating piece. he's seen as this spiritual leader there who has been quite vocal. he's been out there talking saying let's get out of the euro and go back to the pound. do we have carolyn? can i briefly ask what it's like on the ground there? we understand that it may be several more days, not just thursday, before people can access their money in cyprus. >> absolutely. initially we know that banks were going to be closed up until tomorrow but at this point there's a lot of speculation that banks will be closed up until tuesday because monday is another bank holiday and at this point it's very, very uncertain that we'll get a viable plan b to get the bailout deal in place at this point it doesn't look like we'll get it by tomorrow. at this point we are expecting that banks are going to be closed for a little bit longer. of course that
in the economy. >> well, that is right. we are doing a lot of healing. housing market is finally showing signs of turning around. we have had increases in home prices nationwide, and home construction and home sales are up, and we show in the report that we have worked off a lot of the excess nationwide from the bubble years. the excess construction that took place. we are starting from the low base, but it look like housing will now be a tailwind instead of a headwind and we added 48,000 construction jobs last month which is a positive development going forward. >> i know that the president feels this way certainly that more work needs to the be done on jobs, but do you feel that the moves that have been made in job growth are significant enough to satisfy main street, because if you look at the latest abc news poll, it shows a disconnect once again between the p president's progress on the economy and the way that main street feels about his progress on the economy. >> well, the president certainly is not satisfied. you know, he came to office, and we were losing over 800,000 jobs a month. t
idea. i mean, if you look at cyprus' economy, there are two major factors to that economy. tourism and financial services. you could kill the financial services immediately right there. so it's two underpinnings. almost like when greece was doing smo of the same things. >> but you say it matters because it could spread elsewhere? >> just the thought that somebody thought this was a good idea is scary enough to me, i would think. but it's going to be one of those things. we'll have to watch and see how it folds out. but i've got a feeling it will have to turn itself around fairly quickly. >> michael, what do you think? have you changed any of your behavior in terms of allocating capital, as a result of what we've seen in the last 48 hours? >> no, not really, maria. i still think that cyprus is certainly something to watch. but i think it's just part of the negotiation process, exactly what's happening in greece. we have to watch and see if it accelerates and this idea sweeps around europe, but i doubt that's going to happen. i actually think that europe is starting to present some o
. that's why housing's come back. that's why the stock market's come back. that's why the economy's come back. if we see some sort of bump in the road with respect to employment, i think that could really surprise people. now, from an historical perspective, the job gains that we're seeing relative to history are very slow. that's why we like to talk about the construct of the u.s. market in a bit of nursery rhyme-type situation where it's the little engine that could. we continue to kind of climb higher and trudge higher, slow job growth, slow gdp growth, slow earnings growth and low interest rates is a great, great time to be invested in equities. bear in mind, investing is not a binary event. you have to own fixed income, commodities, real estate and own some equities. it's not an either/or type of event. but overall from a longer-term perspective, we still believe that people are you understand exposed equities because of the ills of the last 20 years. >> john, i really want to ask brian, he said 1425 close on the s&p. it close the at 1426. i don't know how he got it so wrong there.
a negative impact on the national economy and perhaps even the world economy and d think that is the facts are these institutions have become too large. gerri: the administration disagrees with you. but i have to ask you, senator, are the banks simply too big, the major ones, five or six that do business with so many americans in this country. >> doesn't that bring up a whole other issue of if they're too big you can't govern them, you can't punish them, you can't discipline them, maybe that is an issue we have to deal with but that is not the immediate concern. the immediate concern is number one they said they relied on experts. senator brown and i want to know who these expes are. they want to know the judgment bas for which you can't ggt them for criminal activity, but the other things, is it a crime you can be a ceo of a company as opposed to a customer in the bank and violate the law and can't be punished for it. you get to big to jail in that instance. gerri: what the attorney general is saying is moving to a jail would jeopardize the financial syssem and i think everybody has in th
think it depends on how fast the economy is moving. if the fed is able to engineer the customonsumer taking over, they can back up. i don't think it affects the market. if the economy is not moving at 3% or faster, then it will back up. >> rick santelli, the economy not moving at 3% or faster is what michael crofton is talking about. when do you expect that kind of growth? >> you know, i think growth is going to remain well under 3%, 2.5% to 3% for a while. and i think any type of calibration change between the interest rate complex, whether it's through the market forces or it's through the federal reserve, any type of recalibration is not going to be received well by equities. no matter if you think 10 to 50% of what's going on in equities is the real deal with a better economy, and you believe the balance is the fed, no matter what it is, it's been pedaled to the medal. and once the recalibration hits, i don't care when it hits, it's not going to be pretty. so, therefore, i don't predict that the fed is going to do it voluntary. and i think in europe, there could be an arch duke f
. connell: highest level close to five years. the economy may be improving. the problem for president obama is his approval rating is not. 47% of americans approving. doug shaw is here to answer that. a record-breaking run last week. you have home production neared the unemployment rate falling. >> first of all, we have dysfunction in washington. we do not have a budget deal. economic growth was tested in the fourth quarter. there is no sign that it is reviving. there really is no revival on main street. connell: is there something politically bad be done? is there something they are not doing right? shouldn't they be better able to take advantage of the perfect stock market and little bit better economic numbers? i think the president is trying to do that now, connell. reaching out to the public senators and paul ryan. we made a deal on the but with newt gingrich. the same thing needs to be done now. dagen: something really struck me. i do not mean to harp on it. the average american wakes up in the morning, you tell me how he feels or she feels that deficit with the daily impact. you kind
and the new fed forecast for the economy. and the stocks we're focused on this morning, blackberry getting an upgrade at morgan stanley and a note titled why it won't go down and it gets into the best buy bull camp, and calling it the best near-term idea in the sector. let's get straight to fedex. the package delivery company says it earned $1.23 a share in the fiscal third quarter and below wall street forecasts. fedex says the customers were choosing slower transit services. this does happen, of course, after a massive run in the transports. >> one of the things that amazes me about fedex is they keep missing and they get loved a few days later. missed and gets loved. it's still regarded as being a profit machine. they have this restructuring that people like very much. people feel it's only a matter of time before someone steps up to the more expensive freight. to me, my charitable trust owns ups. ups has the expectations lower. scott davis always says negative things. >> melissa hit the nail on the head. the stock had a big run and the two guys were going head to head over what was in
chosen a woman to be head of the national bank. she served as economy minister from 2008 to 2009 and the first female central banker for a g-8 country. she'll take over from an inflation fighter. it should happen in june. the appointment raised questions about the central bank's independence and concerns kremlin will push for looser policy. we want to know what you think of the measure. is it a significant one for females, for the g-8 or for russia's monetary policy. send us your thoughts here. if you are just joining us, these are your headlines. italy prepares to test bond markets with its first long-term auction since a rating downgrade from fitch. spanish retail giant sees shares dip despite reporting solid profits and senate democrats tee up to reveal their own budget plan. straight ahead on the program, can the dow close at a high for a record ninth day? we'll preview the u.s. trading session when we come back. stay here. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how b
different and so much better in the economy then. the economy, i remember it well. jobs were plentiful, easy to get. we had people hiring in everything from technology to finance, manufacturing, housing, retail was smoking. 1996 we were at the cusp of the technological revolution where the internet was just beginning to take hold of the consciousness of entrepreneurs. i was running my hedge fund back then and at the same time starting thestreet.com which remains an important focus for me now. i started the street because i envisioned a world where your personal computer married to a phone line could get instant information about stocks that you cared about. not just the ones that the day-old newspapers cared or even the television. the era where people would be able to buy or sell a stock with a key stroke using a personal computer with very low commission rates was just getting under way. what a remarkable time that was. the last time we were up so many days, okay? for the dow, that time. when you had a brand new pentium powered pc with microsoft windows and netscape browser and an america
times the size of its economy without having some kind of bail structure in a solution, it becomes very difficult. and i think that understanding is quite clear among investors. so from a longer term perspective, i think there's a positive element here which is a more substantial bailin in this solution. >> valentin, what kind of exposure do you have in europe at this point and what changes have you made in regard to how the cypriot levy is handled? >> it is creating a bit of uncertainty. clearly, it comes from lingering uncertainty over the political situation in italy. so all in all, it makes the bit more cautious on europe. not so much on our overall willingness to take risks. we're still overweight global real estate, but we have still put down our exposure in europe, so we are now under weight european equities. we are cautious on peripheral bull markets and european fixed income space. so that is the main changes. still on the regional allocation that we have, but not so much altering our overall willingness to look for risk. i think in general, the broadening of the global cycle
a little bit. >> that's a good point. for a long time the bears have been insisting that the global economy is not as healthy as this teflon stock market in the united states would indicate, and now they've got some ammunition. two companies from fed ex and from caterpillar. now, caterpillar had dismal three-month sales numbers. really shocked a lot of people. fed ex, of course, had disappointing earnings situation, lower than expected international volume. now people are saying, see, we told you. here are who big companies who are saying it's not as big as everybody said. deere got a downgrade from wells fargo. i'll talk more about that in the 2:00. a little bit of good news on housing. keeps rolling along. lenore, 34% increase in building. >> we'll see you back in a few minutes. ty, we'll send it back up to you. >> thank you very much. bob just gave you a very clear shot at the market picture, so what's driving it? well, obviously three developing stories and we're going to cue you in on all of them right now. the fed, steve liesman is in washington. russia's financial overtures toward cy
's an means to the end. we want to revival upper mobility and growth in this economy. >> senate democrats are going to release their own spending plan after calling the republican proposal unacceptable. it will call for about $1 trillion in new revenues by closing tax loopholes and about 1 trillion in spending cuts at the same time but no structural changes to medicare and the question is will that get -- do either of these plans get anybody anywhere or is everyone talking to themselves? >> they're talking to themselves. we discussed it yesterday. in the last negotiations you still have the fact there are republicans who think that the republicans gave too much and then there are democrats who think that the democrats didn't get enough. so you have those clashing interests. >> i think what happened in january kind of derailed everything because by having these incremental advances instead of a grand bargain throws off the possibility that you do get the grand bargain. you see both sides digging in making sure they respond to their base saying the types of things that their base wants to h
than three hours from the federal reserve notes and whether or not it continues stimulating the economy at the current levels, keeps propping things up. why don't you just pick up from where we left off because talking about washington related to the bigger picture scenario not assist early today but the role the federal reserve plays in all of this as long as interest rates stay as low as they are, what do you think? >> the fed plays a big role keeping interest rates low. i heard on the fiscal side, you're right, maybe outside of the beltway the washington fatigue, but returned to the fed, everyday to indicate the fed keeps the pedal to the metal, 85 billion per month, there'll be some talk about scaling it back later this year. the thing to watch is the fed forecast. all the members put in the economic forecast for the next three years. my guess is it'll be a little bit more promising for social and employment rate above 6.5% until 2015 and that is the threshold, they will not move interest rates up before your employment rate gets to that level, that is still at least two years from
insolvent. the banks in cyprus are huge, eight times the size of the economy. consider that here in the united states. our banking system is roughly one-time the size of our economy. what we're waiting to see next are they going to get this through parliament and get it done? it is so controversial they're trying to find out different ways to make it less controversial. impose the tax on larger shareholders to a much greater degree. it was originally 9.9% and you go to 12%. if you didn't want to tax the small guys at all you'd have to go to 15% or 16%. this is the scene when the president walked into the palace headquarters. there were people there with no written on their hand and this says merkel stole our money. keep in mind, european union will still give them 10 billion euros and they were trying to come up to reduce the original size from 17 billion euros. the other thing to keep in mind, by taxing depositors they're taxing a lot of foreigners and a lot of russians who had kept their money. the thing is will the rest of europe, will small depositors across the rest of europ
the world's second largest economy, after the united states. and it is the second largest foreign holder of u.s. debt, about 7.5% of the total. but the two nations' economic relationship has been marred recently by allegations of widespread cyber-attacks on american targets. >> increasingly, u.s. businesses are speaking out about their serious concerns about sophisticated, targeted theft of confidential business information and proprietary technologies through cyber intrusions emanating from china on an unprecedented scale. >> woodruff: china's foreign minister initially dismissed the allegations, but on tuesday a spokeswoman took a different tone. >> ( translated ): what the internet needs is not war but rules and cooperation. china is willing, on the basis of the principles of mutual respect and mutual trust, to have constructive dialogue and cooperation on this issue with >> woodruff: u.s. officials welcomed that statement, and today, white house press secretary jay carney said president obama telephoned xi to congratulate him on his election. as for the cyber-attack issue... >> i can
home building numbers today too. >> that too. we're in a niche market. the u.s. has had their economy outperform other economies and i think it's a flight to safety relative to the u.s. markets on one hand and it's an unwind from the bond market and risk exposure going forward to rate changes on the other hand. so it's both a flight to safety as well as, you know, what's really going on domestically and people are looking at a twist now with the fed and what their posture will be heading forward. >> i'll be back, adobe earnings at the top of the hour. >> take care, maria. >> what do you think? we're finishing positive here. this market doesn't want to go up? you think some of that's short covering? >> i think that's what we're see right now. finishing up the day. right now people will have to play it cautiously. we haven't seen the end of the cyprus thing. we have some negotiating going on from russia. the impact of that, as you mentioned, is a little minor relative to the size and scope of them, but it's whether or not that moves into italy, spain, as we've all been talking about. >>
the day. from the economy to earnings now. we get a number of interesting quarterly reports due today as well. before the bell, we'll hear from fedex, general mills and lennar and this afternoon we have oracle. a lot to chew on for the markets. s&p by the way coming off its first three-day decline of 2013. take a look at u.s. equity futures at this hour. green arrows across the board. and then of course there's cyprus. the country's leaders are holding crisis talks today trying it avert a financial meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignan
reserves lately. they did lower their inflation rate, express concern about the economy. i was surprised that the market is buying euro/swiss on this. we feel that euro/swiss is going to head out, that they are very concerned. the actual statement didn't break any new grounds, but i guess the vigor with which they reiterated their desire to defend the floor influenced some people in the market. >> don't they just love a central bank to come -- i know the message has been here. in some points, the swiss bank is benefiting more from the fact that people seem more willing to take a risk with the euro as opposed to chooting to fight it on the floor at this point. >> i think so. it's interesting with respect to the italian election that even though this considerable uncertainty doesn't seem to be showing up in terms of the sorts of tail risk factors that were taking the euro down last year. so i think that the snb is benefiting from that. they do have a lot of credibility and they indicate that they will use opportunities to push euro/swiss up. and i think that the market is mindful of that,
, ceo and president joins me from new york in a fox bids exclusive. you are bullish on the economy. i want to be there, and there's a mixed bag here, unemployment, 7% to 8% range, forecasted for the year. housing, a little bit of a concern here from economists that the housing market is ahead of itself, but, still, bullish on the u.s. economy, so explain that. >> yes, thanks, cheryl. we are bullish on the u.s. economy, housing continues to come back. you saw the numbers today, but, you know, it's still 15, 20, 25%, spending where you are, in the u.s. 30% where it was at its peak. you know, household formation in the last few years has been delayed because of americans deciding to live with their parents, essentially, but population growth continues. bullish on the housing market driving quite of other consumer demand. cheryl: are you changing your asset allocation mix now? is that something you're in the midst of doing, especially on a day like today and yesterday when there seems to be a lot of money moving around, not a lot of new money, but money moving nonetheless. >> we're not ch
. they're the one place left in our economy where you can find some bargains. >> margi, weigh in on the risk in trade. it went through a lot of volatility last year. this year seems to solidly be risk on. but the question is, at what point does that dynamic change? >> well, i think you're starting to see, lately, some of the large, more conservative names take the leadership. and that says to me, maybe the market's running out of a little bit of gas here. we need a new change in the market to draw in some of these cash reserves to take the market to a higher level. but still, in all, i think it's going to be a very good year nor the risktaker this year. i think stocks will be the top-performing asset class. but we certainly need some more money to come in, to break out of a -- into a new level from these prices here. >> and bernie williams, those retail sales numbers were encouraging this morning, weren't they? >> yeah, they were. and they're just another reason to provide some uplift to this market. that combined with the unemployment numbers. you do have a little bit of a he
, getting our aaa rating back, dollar policy. where our economy is going as we face tax increases. of course the sequester questions. peter will cover it all. you don't want to miss it. that is in about nine minutes from now right here. also driving money towards transportation. that's what legendary investor wilbur ross is doing. find out what he is buying and selling. wilbur ross doesn't like to give picks but he has a couple of them. also if he think this is rally has strong legs. with $5 billion under management he is someone you can not afford to miss. >>> before all that we're going to tell you what drove markets with today's data download. the dow is making history once again, posting its 8th straight record close. the longest streak of record closings since november of 1996. the s&p and nasdaq also ending in in the green with the s&p now less than three points away from its all-time high. >>> energy and technology were the best performing sectors. the number about americans filing for new jobless benefits fell for the third week in a row. initial claims unexpectedly dropped by 10,000
-- pillars for any move higher and expansion in the economy domestically. housing, financials without a doubt. energy as the third. liz: okay. >> large cap technology for the dividend but those three i think you've got to have exposure sure to with dry powder right now. liz: let me tell the viewers. things working past five months, at least follow that trend for now, correct. >> yes. david: wow! that is amazing we could see doubling of money they made in housing an financials. george, we were talking a little bit about the consumer sector, retail sector specifically. you think it is good time to buy into mickey d's or mcdonald's now? or again, like we talked about apple, should we wait until it comes down? >> you want to buy mcdonald's. you want to buy coca-cola. you want to buy large cap blue chip names. right now mcdonald's is trading under $100 a share and coca-cola is trading at about 38. david: mcdonald's at 100, george, mcdonald's at 100. it seems a little pricey right now at 100. should i wait for it to come down into the 80s for example? >> you could. you could do the same strategy as
i did with this article. the simple fact is that we live in two economies in this country. all of them lived in one economy which has had a lot of trouble over the last decade and then there is the medical economy which has been booming, just going hog wild booming, and the reason, there is no con proehl on the profits and the prices, and i don't come from -- i'm a left-wing perspective. i look at it from the standpoint of the consumer which & they have no leverage under the marketplace. >> under the obama care there is hope for this because they'll be big nufr, how health care is the unit price. they all have to be built by the patient. >> i'm not sure we solved it, but we made a veiliant effort and i hely recommend steve's piece and it is one of the best things i've read on the spiraling cost. court tv founder and former governor howard dean. >> coming up, catholics around the world waiting for a new pope. why it would be beneficial for him to be a man of god with a head for business, but first, let's take a look at how treasurys, currencies and commodities fared today. >> on
to the economy, and now we see china trying to grab a piece of the action. what do you think of that? >> well, it shouldn't surprise me. they have invested in the oil sands and in alberta, there's a pipeline in canada. it seems like a natural move for them, but i have to tell you i'm uncomfortable with chinese company, which is probably state owned or at least has state money involved in it, setting up a fuel stations in the united states, at least, i hope they use american equipment and american people to build them. >> it's an open question. i'm sure they will, but, you know, to what degree, because i know a lot of countries had issues with the chinese coming in and making a move on natural resources in their country. do what degree do we oppose that or get in the way of that? what makes sense? what policy should the government pursue, frankly? >> well, if they want to buy them, that's fine, but i permly have a problem with them coming in and buying our land, and they are doing it right now with oil reserves in texas and oklahoma, so i got a problem with it. i just don't know as a free trad
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